Boliden (Buy, TP: SEK540.00) - A (dividend) star is born
Although the negative earnings trend for the mines persisted in Q4, this was more than offset by the smelting business, which continued to shine, and we have made smaller changes to our 2023–2024 group estimates. Our updated 2023e EPS is cSEK47, but for company-specific reasons, we expect the EPS to grow to cSEK58 for 2025e. We also see ample room for value-accretive investments and generous cash distribution. As we are confident in growing earnings and dividends for 2023–2025e, we reiterate our BUY and have raised our target price to SEK540 (520).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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